Earl Fortescueasked Her Majesty's Government:
Why there is delay in giving full income tax relief to certain Lloyd's underwriters who suffered substantial losses in 1981 and 1982; and whether the Inland Revenue inquiries into those years' accounts have now been completed.
§ Lord Brabazon of TaraSince the central settlement with Lloyd's in October 1985, covering the years of account up to and including 1982, the Inland Revenue have made substantial progress in issuing assessments and finalising repayments. The Revenue's programme for this large and complex exercise is on schedule, and1148WA Lloyd's have been kept fully informed of progress on it. In addition, there is a small number of syndicates where the Revenue's inquiries are continuing into matters not covered by the central settlement. In these cases assessments cannot be finalised, and full repayments cannot be made, until the Revenue's inquiries have been completed.